March 13 Liberty Media Corp, controlled
by chairman John Malone, is splitting its media-holding company
into two tracking stocks that will divvy up its cable and media
assets, the company said on Thursday.
Malone, famous for his complicated stock structures, planned
to create Liberty Broadband Group, a tracking stock for
Liberty's investments in Charter Communications, Time
Warner Cable and location technology company True
Position Technologies Inc.
Liberty Media Group, the other tracking stock, will house
Liberty's 53 percent investment in Sirius XM Holdings Inc
and other media assets such as investments in Live
Nation Entertainment Inc and the Atlanta Braves baseball
Liberty Media Corp Chief Executive Officer Greg Maffei said
in a statement the company planned to create the tracking stocks
by the third quarter.
Liberty, which offered to buy out minority shareholders in
satellite radio provider Sirius XM for a low premium in January,
also said the "offer for Sirius XM is no longer applicable."
Maffei added that Liberty will discuss the matter with
Sirius XM's special committee of board members who had been
studying the offer.
Sirius shares fell 2.7 percent in after-hours trading on
Thursday, while Liberty Media shares rose 0.7 percent in